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Planned Giving

Give Now, Give Later

Gene '62 and CarolAnn Adcock

Gene '62 and CarolAnn Adcock

Gene Adcock '62 was told upon admission to Davidson that he would be lucky if he graduated with a C+ average. After earning straight ‘A's his first year, the Henderson, N.C., native was awarded a scholarship for students who proved themselves right out of the gate.

"My family told me in a very loving way that they had used up every cent of savings on my first year, but they had faith I would do well and believed the Lord would provide," he said. "You can imagine what an impression that made on me. It raised my competitive spirit, too, because I worried if I didn't do well, I would lose the scholarship."

From that moment on, Adcock knew that if he had an opportunity to give back to Davidson down the road, he should do whatever he could, even if it was $10 per year, and he has never missed a year.

Adcock, who lives in Winston-Salem, has included Davidson in his estate plans—plans he made with his wife, CarolAnn, to make sure the four organizations that mean the most to them will benefit from their generosity. As his retirement grows, so does the amount given to Davidson in support of scholarships.

"Two of our four children passed away, and the two surviving children are married, have children and do well, financially," he said. "We helped them with four years of college and great teeth, and told them we are going to leave them each a modest amount, but the bulk of our money is going to charities we feel strongly about. They agree that's the right thing to do."

Adcock and his classmates celebrated their 50th Reunion in 2012. He served on a committee that met with President Carol Quillen, and he was taken with her vision and ideas.

"We announced to folks at that meeting that giving out of your checkbook and wallet is important, and it is just as important to give out of your will," he said. "All my advisers would agree. You need to be assured where your money is going in the long term. My class broke all records the year of our 50th Reunion, and I hope others listened to our message and will give from their wills, as well."

A faithful Davidson volunteer, Adcock has been active in several class reunions and has given of his time to annual fund efforts and lecturing in the medical humanities program.

Adcock retired from Wake Forest University Baptist Medical Center as a professor of pediatrics and vice president and associate dean of planning and program development.

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A charitable bequest is one or two sentences in your will or living trust that leave to Davidson College a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

I, [name], of [city, state ZIP], give, devise and bequeath to Davidson College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Davidson or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Davidson as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Davidson as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Davidson where you agree to make a gift to Davidson and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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